FREQUENTLY ASKED QUESTIONS
What is financial aid?
Financial aid is funding to assist paying for your education that comes from sources outside of your family. Gift aid and self-help aid are two categories of financial aid. Gift aid comes in the form of grants and scholarships and does not have to be repaid. Self-help comes in the form of loans and employment. Financial aid at National Aviation Academy (NAA) is awarded to students based on financial need and/or merit. A student may have a combination of grants, loans and scholarships. There is some type of financial aid available regardless of your income.
Who is eligible to receive financial aid?
A person must be officially accepted and enrolled to NAA as a regular student to receive federal aid funds. A regular student is someone who is officially accepted for enrollment for the purpose of obtaining a certificate at NAA.
How do I apply?
Obtain a Free Application for Federal Student Aid (FAFSA) from your high school guidance counselor or from the Student Finance Department. File as soon as possible after you’ve been accepted to NAA.
Students may apply for financial aid online or by visiting their local campus Student Finance Department. Visit the federal government’s FAFSA website here for more information.
What happens after I apply?
Once NAA receives your financial aid application results from the federal processors, we determine your eligibility based on your financial need. At that point the student’s record runs through our automated processing programs and an initial financial aid award notification letter is mailed to the student. As subsequent adjustments are made to your financial aid notification, an email will be sent notifying you of any changes. It is important for students to stay in close contact with their Student Finance representative to expedite the process.
How is my financial aid award determined?
The federal government has established a formula, which determines your expected family contribution, or EFC. This formula, which is used by colleges and universities throughout the country, estimates your family’s ability to contribute to the cost of your education. Family income, assets, size of the family, number in college, as well as an allowance for retirement are among a few of the items evaluated by this formula. The EFC is subtracted from the cost of attendance to determine your financial need. Once this is determined, the Student Finance Department is able to determine the types and amounts of federal, state, local and institutional aid you are entitled to receive. These include both need and non-need based aid. Once the award(s) have been determined the student is mailed an official financial aid notification, often called an “award letter”.
Cost of Attendance
– Expected Family Contribution
= Financial Need
What is a Student Aid Report (SAR)?
Your SAR (Student Aid Report) summarizes the data from your FAFSA and indicates your official Expected Family Contribution (EFC).
You’ll receive one of the following within a few days, if you filed your FAFSA electronically, to four weeks, if you mailed a paper FAFSA:
- SAR, if you applied using the paper FAFSA and did not provide a valid email address
- SAR information acknowledgment, if you applied using FAFSA on the Web but did not provide a valid email address
- An email with a secure link to access your SAR online, if you provided a valid email address when you applied
After receiving your Student Aid Report, carefully review it for mistakes. Compare the information listed on the SAR to a copy of your FAFSA, since the EFC listed on your SAR will determine the amount of aid you’ll receive. If you believe the information on your SAR is incorrect, you can fix any errors by specifying the correct answers on the information review form on the back of the SAR. When the information review form is complete, you can contact your financial aid office to see if the school can send the corrections electronically or mail the form to the address shown on the SAR.
What does it mean if I’m selected for verification?
If your report has been selected for verification, it usually means that you need to provide supporting documentation for the information on your FAFSA. Instructions on the SAR explain how to do this. For additional information, contact the Federal Student Aid Information Center at (800) 4-FED-AID (800-433-3243) or contact your Student Finance representative.
Can I send my information to other schools?
When you completed your FAFSA, you could designate which schools get your SAR information. You can submit your FAFSA to up to 10 schools. If you want to submit more colleges you can submit your FAFSA and add more colleges later.
What is a Federal PLUS loan and how can I get one?
Direct PLUS Loan for Parents:
Parents of dependent students may apply for a Direct PLUS Loan to help pay their child’s education expenses as long as certain eligibility requirements are met. Graduate and professional students may apply for PLUS Loans for their own expenses; click here for details.
To be eligible for a Direct PLUS Loan for Parents:
The parent borrower must be the student’s biological or adoptive parent. In some cases, the student’s stepparent may be eligible.
The student must be a dependent student who is enrolled at least part-time at a school that participates in the Direct Loan Programs. Generally, a student is considered dependent if he or she is under 24 years of age, has no dependents and is not married, a veteran, a graduate or professional degree student, or a ward of the court.
The parent borrower must not have an adverse credit history (a credit check will be done). If the parent does not pass the credit check, the parent may still receive a loan if someone (such as a relative or friend who is able to pass the credit check) agrees to endorse the loan. The endorser promises to repay the loan if the parent fails to do so. The parent may also still receive a loan if he or she can demonstrate extenuating circumstances.
The student and parent must be U.S. citizens or eligible non-citizens, must not be in default on any federal education loans or owe an overpayment on a federal education grant, and must meet other general eligibility requirements for the federal student aid programs. For additional information on eligibility requirements, go to the student aid eligibility page.
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